Asia’s answer to Netflix: HOOQ, iFlix

Netflix has yet to officially launch in Asia, but two new local players already started to tap the growing demand for international and regional content in the region.

HOOQ, a joint venture of SingTel, Sony Pictures Television and Warner Bros just launched its video-on-demand service in India, following its Philippines and Thailand launch.

iFlix, a joint venture of Catcha Group, Evolution Media Capital and PLDT, a telecom conglomerate in the Philippines, went live in the Philippines last night and will also be available in Malaysia as well as Indonesia, Thailand and Vietnam.

Following similar business models as Netflix and Amazon Prime Instant Video in the United States, HOOQ offers a plan-based service at $4 per month, while iFlix is expected to have an affordable subscription rate at $3 a month.

The research firm forecasts the VOD market to grow from $25.30 billion in 2014 to $61.40 billion in 2019, at a compound annual growth rate of 19.4 percent, with Asia-Pacific (APAC) and Middle East and Africa (MEA) expected to experience increased market traction.